Independent Bank Corp (INDB, Financial), the parent company of Rockland Trust Company, experienced a significant stock price drop of 5.10%. The stock is currently trading at $61.77 with a trading volume of 199,327 shares, indicating a turnover rate of 0.47% and a price fluctuation amplitude of 3.15%.
Recently, Independent Bank Corp reported earnings with an operating revenue of $249 million and a net profit of $42.95 million, resulting in earnings per share of $1.01. The company has a price-to-earnings (P/E) ratio of 13.45. Among the analysts covering the stock, 25% recommend buying, while 75% suggest holding, with no recommendations to sell.
In the broader banking sector, which saw an overall increase of 0.34%, other notable performances included gains from Cathay General Bancorp, Western Alliance Bancorp, and Pineapple Financial Inc. Stocks with significant price swings included Better Home & Finance Holding C/Wts 22/08/2028 (To Pur Com), Metropolitan Bank Holding Corp., and SHF Holdings, Inc., with amplitudes of 10.00%, 8.88%, and 8.06% respectively.
Independent Bank Corp operates as a bank holding company and serves as the sole shareholder of Rockland Trust Company. The bank offers various banking, investment, and financial services, with a strong presence in Eastern Massachusetts, Worcester County, and Rhode Island. Its primary customer base comprises small to medium-sized businesses and individual consumers, with a focus on commercial loans.
